One thing I'd add—if you're close but not quite there, sometimes making a targeted extra payment toward principal can push you over that 20% line faster. Anyone tried this route instead of messing with appraisals? Curious if it worked out better...
I went the appraisal route once, thinking it'd be quicker and easier... ended up being a headache. Appraiser came back lower than expected, and I was stuck still paying PMI for another year. Next property, I just bit the bullet and made an extra principal payment—felt painful at first, but it got me over that line without the hassle. Wondering though, anyone run into issues with lenders dragging their feet even after hitting the 20% mark?
"Next property, I just bit the bullet and made an extra principal payment—felt painful at first, but it got me over that line without the hassle."
Smart move. I've seen lenders drag their feet a bit, even after hitting that magic 20%. Usually, it's just paperwork delays or internal processing stuff. Had a similar issue myself—ended up calling them directly, politely but persistently, and it sped things up. Hang in there, you're almost free of that PMI... worth the hassle in the end.
Good call making that extra payment. I've heard some lenders actually require a formal appraisal before dropping PMI, even after hitting 20%... did yours ask for one, or was it straightforward? Curious how common that is.
"I've heard some lenders actually require a formal appraisal before dropping PMI, even after hitting 20%..."
Yeah, that's definitely true, but honestly, it varies quite a bit. My lender didn't ask for an appraisal at all—they just checked the payment history and balance, and I was good to go. From what I've seen, it seems to depend heavily on the lender's internal policies and the market conditions in your area. Have you checked if your lender has a specific policy about appraisals in their fine print? Sometimes it's buried pretty deep...
